Last week in review: US lawmakers introduce crypto bill

by Team Luno
· 2 minute read

As markets stalled amidst Russia’s invasion of Ukraine, crypto developments continued to make the rounds last week. The Biden administration was expected to make an executive order on crypto, while US lawmakers introduced an accountability bill to protect America from a crypto fallout. Meanwhile, Could a group of crypto enthusiasts buy an NFL team?

It was a big week for crypto. Here are the biggest moments to come from it.

Biden to issue executive order on crypto this week

What

US President Joe Biden is expected to issue an executive order on cryptocurrency this week

Why

Crypto adoption in the US has soared in the last two years, which has led to the need to new and expanded regulation

What next

The executive order will direct government agencies to create strategies that will help regulate crypto assets

Read the full story here

US lawmakers introduce bill to guard against fallout from El Salvador’s Bitcoin law

What

Several US senators have introduced the Accountability for Cryptocurrency in El Salvador Act, also known as the ACES Act, as “a plan to mitigate potential risks to the U.S. financial system”

Why

The senators argue that El Salvador’s adoption of Bitcoin as legal tender raises concerns about the economic stability and financial integrity of the US trading partner

What next

The El Salvadoran President responded by tweeting, “You have 0 jurisdiction on a sovereign and independent nation.”

Read the full story here

Could a group of crypto enthusiasts buy an NFL team?

What

A decentralised autonomous organisation could be in the running to buy an NFL team

Why

DAOs allow groups of people and entities to work together as a cooperative to achieve a common objective without the need for managers or hierarchies

What next

The cooperative will need to raise $4 billion to complete the purchase

Read the full story here

To catch up on other big stories to come from last week, be sure to check out these Deep Dives

Why Bitcoin mining hubs have been on the move
The Fed’s watershed moment on crypto assets and CBDCs is fast approaching

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